MMs involved in Distressed / Special Sits
There’s a lot of threads on the all the different kinds of distressed / special sits shops and what their respective strategies are :
https://www.wallstreetoasis.com/forum/credit/overview-of-special-sits https://www.wallstreetoasis.com/forum/hedge-fund/breaking-down-distress…
But I haven’t seen anything on how the big pod shops / multi strats fit in, so I just wanted to know which are the big MMs that have pods which are involved in distressed / special sits that can handle the risk model and of these MMs that partake, which PMs are the most reputable?
bump
BAM loves WOLF
What’s WOLF
https://www.wsj.com/articles/wolfspeed-prepares-to-file-for-bankruptcy-…
I’ve seen Citadel pop up in Octus alerts for bankruptcies (yellow, instant) so know they have someone looking at these but not sure who or why.
MLP has at least one PM focused on real distressed as opposed to liquid HY/stressed. Their real participation has been in providing capital to distressed funds like Helix and Scott Graves’ new fund. Latter also had a guy from Citadel join recently.
P72 has at least one guy who joined from Third Point within the last few years but I think his mandate is more liquid stressed.
Frankly, distressed is a shit asset class that is interesting once every 8 years so not a great use of MM capital.
Most distressed PMs are really just liquid large cap HY/stressed PMs given the risk model.
Damn. When it comes to publics, do you see distressed grouped more with special sits or sitting with HY/stressed bonds?
It will be the latter. You don’t go to the MM distressed groups to do loan to own / deep illiquid process trades. Most of them will traffic in the larger, on the run capital structures.
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